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New figures point to insolvency and bankruptcy gender divide

Published on 9 Mar 2010 under category: legal

Men are more likely than women to seek help for insolvency, newly-released figures show.

According to the latest statistics published by the Consumer Credit Counselling Service (CCCS), the number of people becoming bankrupt in the UK has increased markedly over the past 12 months.

Notably, the figures also show a gender divide, with 54 per cent of the people turning to the charity for advice over insolvency men, while males also accounted for more than half of all cases involving Individual Voluntary Arrangements (IVAs).

Commenting on the figures, CCCS spokeswoman Frances Walker said: "This may be the one equality which women may not want to aspire to.

"Whatever sex you are, I would urge anyone worried about their debt to seek help as soon as possible."

Earlier in the month, research carried out by R3 found that one in four adults in debt take more than a decade to get back into the black, with many in danger of becoming 'slaves' to their debt commitments.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.